Kyowa Kirin (4151) 2Q FY2026 results: Largely in line with guidance other than forex

研报英文原文证据摘录

Kyowa Kirin (4151) 2Q FY2026 results: Largely in line with guidance other than forex

J P M O R G A N Asia Pacific Equity Research

03 August 2026

Kyowa Kirin (4151) Underweight

4151.T, 4151 JP

2Q FY2026 results: Largely in line with guidance other Price (03 Aug 26):¥2,516

than forex Price Target (Dec-26):¥1,800

Neutral: Kyowa Kirin reported results at 15:30 on August 3, with a briefing at Japan Equity Research

18:00. 2Q core operating profit was ¥46.1 billion (+80.2% YoY; our estimate:

Biotechnology & Pharmaceuticals/

¥34.6 billion, Bloomberg consensus estimate: ¥34.3 billion). Other than a boost Medical Technologies & Services

from forex, progress through 2Q was largely in line with guidance, so our AC Seiji Wakao, Ph.D.

impression is neutral. Operating profit was above our estimate and the Bloomberg

(81-3) 6736-8612

consensus estimate mainly because of front-loaded sales of Crysvita ahead of a seiji.wakao@jpmorgan.com

price hike, and net profit was below our estimate because a ¥20.2 billion closing Yugo R. Kamimura, Ph.D.

cost (other expenses) on rocatinlimab was posted in 2Q. Upcoming catalysts (81-3) 6736-8635

include the Phase 2 data presentation and out-licensing of KHK4951 (age-related yugo.kamimura@jpmorgan.com

macular degeneration). Naoko Saito

(81-3) 6736-8693

• 2Q results: The gap with our estimates was mainly due to North America naoko.saito@jpmorgan.com

Crysvita sales. There was a surge in demand ahead of a price hike in July, but JPMorgan Securities Japan Co., Ltd.

this seems to have been largely in line with guidance. With specialty pharma

companies reducing inventories over the past 12 to 18 months, sales have

tended to grow in 2Q and 4Q due to a surge in demand ahead of price hikes,

followed by a drop-out in 1Q and 3Q.